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2 Dec 2014
GBP/USD retreats further as dollar rises
FXStreet (Córdoba) - GBP/USD deepened its decline after breaking below the 1.5670 area and continues to cut yesterday’s gains as the greenback gained momentum at the beginning of the American session.
GBP/USD fell below the 61.8% retracement of Monday’s rally and hit a fresh daily low of 1.5645 before finding support. Cable came under pressure Tuesday following disappointing UK construction PMI and with the dollar staging a comeback across the board.
At time of writing, GBP/USD is trading at 1.5655, 0.46% below its opening price, with immediate supports seen at 1.5600 (psychological level) and 1.5584 (2014 low Dec 1). On the flip side, resistances could be found at 1.5742/45 (daily high/20-day SMA) and 1.5762 (Dec 1 high).
GBP/USD fell below the 61.8% retracement of Monday’s rally and hit a fresh daily low of 1.5645 before finding support. Cable came under pressure Tuesday following disappointing UK construction PMI and with the dollar staging a comeback across the board.
At time of writing, GBP/USD is trading at 1.5655, 0.46% below its opening price, with immediate supports seen at 1.5600 (psychological level) and 1.5584 (2014 low Dec 1). On the flip side, resistances could be found at 1.5742/45 (daily high/20-day SMA) and 1.5762 (Dec 1 high).